I think it was an idea that did not catch on. Never seen or heard of such bolts in half a century of messing with machinery, including 1920s motorbikes. But also sure would like to see a photo or drawing of such.
I'd say your choices are make your own — could be an interesting exercise but can't quite visualize it — or use holes and split pins like most other bikes of the era.
What sort of bike is it from, and what part does it secure?